Following the Monaco Supreme Court ruling on June 25 in favor of Caroli Immo in its case against the State, Prince Albert announced today that he has commissioned his government to find common ground with the realtor in exchange for his waiving the €141 million compensation.
The record-breaking payout concerns Antonio Caroli’s Esplanade des Pêcheurs project. The €500 million cultural and real estate development below Fort Antoine was suspended by former minister of state, Serge Telle, who said the property promoter was “unable to guarantee the compatibility of the project with the organization of the Grand Prix.”
Having held discussions with Caroli over the summer, Prince Albert stated this morning via a press release that he has asked his government to come to an agreement with S.A.M. Caroli Immo and “modify the initial project for a smaller-scale program.” In return, Caroli's company would waive the €136,990,000 (with interest accruing since the filing of the request in 2018) awarded to him by the Supreme Court last June.
The press release for the Palace stated that the Prince, who met with the new minister of state Pierre Dartout and National Council president Stéphane Valeri, has made it the responsibility of his government “to find the terms and conditions necessary for this amicable solution.”
“The new project must first and foremost provide the surfaces necessary for the sustainability of the Formula 1 Grand Prix in the Principality, and the preservation of access to emergency services. The modified program will include a private building as well as a public housing building, premises for port professionals and a museum dedicated to Man and the Sea.”
“S.A.M. Caroli Immo will waive the payment of the compensation granted by the Supreme Court for the completion of this real estate transaction, the duration of which is estimated at four years.” The original development, with a 2016 delivery date, was to include an underwater archaeology museum, a museum dedicated to the history of the Grimaldi family, luxury housing, retail stores, offices, parking and a 4,500-square-meter esplanade.
The government tells Forbes Monaco ther are currently “around thirty public and private operations underway in the Principality.”